Tron (TRX) Price Analysis: Rally Could Extend Above $0.08

TRON price is trading in a positive zone above $0.0700 against the US Dollar, similar to bitcoin. TRX price is likely to accelerate further higher if there is a break above the $0.0800 resistance.

Tron Price Analysis

After forming a base above the $0.0600 level, tron price started a fresh increase against the US Dollar. TRX price broke many important hurdles near $0.0700 to move further into a positive zone.

There was a break above a key bearish trend line with resistance near $0.0740 on the 4-hours chart. The pair even broke the $0.0720 resistance and the 55 simple moving average (4-hours). It gained strength and surpassed the 76.4% Fib retracement level of the downward move from the $0.0764 swing high to $0.0690 low.

It is now trading near the $0.0764 swing high. An initial resistance is near the $0.0780 level. The first major resistance is near the $0.0800 level.

The next key resistance is near the $0.0808 level. It is near the 1.618 Fib extension level of the downward move from the $0.0764 swing high to $0.0690 low. Any more gains could set the pace for a move towards the main $0.1000 resistance zone.

On the downside, an initial support is near the $0.0740 level. The next major support is now forming near the $0.0720 level. The main support is now forming near $0.0700 and the 55 simple moving average (4-hours). Any more losses below $0.0720 and $0.0700 might call for a sharp decline.

Tron (TRX) Price

The chart indicates that TRX price is now trading well above $0.0700 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher as long as it is above the $0.0720 and $0.0700 support levels.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is still well above the 50 level.

Key Support Levels – $0.0720 and $0.0700.

Key Resistance Levels – $0.0780, $0.0800 and $0.1000.

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